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Oil prices are lower this morning as the usual malarkey of leaks, rumors, and denials dominates price action ahead of the planned OPEC+ meeting this weekend.

The selling started with a report by Bloomberg claiming that the Saudis expressed dissatisfaction with other members about their oil production levels.

The worry, Bloomberg claims, is that Riyadh might reverse its unilateral 1 million barrel-a-day curb if its counterparts don’t contribute further to the supply reductions.

That sent prices lower.

Then, at 0801ET this headline hit:

Then at 0806ET, this headline hit:

And prices legged lower still…

We remind readers that while Goldman's base case is that Saudi Arabia and Russia will announce an extension of their extra voluntary cuts through at least 2024Q1 (because Brent is $8 lower than when they announced an extension in September), they see a sizeable 35% subjective probability of an announcement of a deeper group cut.

OPEC has confirmed that the meeting is delayed until Nov 30th.